Smallcap multibagger stock 3:1 bonus shares issue record date tomorrow. Last chance to buy
small cap multibagger stock Grovy India are likely to remain in focus today as the company had fixed October 22 as the record date for the purpose of its 3:1 bonus share issue.
“This is to inform you that the Company has fixed Wednesday, 23rd October, 2024 as the Record Date for the purpose of ascertaining the shareholders eligible for allotment of Bonus Shares in the ratio of 3:1, i.e. 3 (Three) Bonus Equity Shares of Re. 10/- each fully paid-up for every 1 (one) existing Equity Share of Re. 10/- each held as on the above mentioned record date,” the company said in a filing to the stock exchanges.
According to the data available on Trendlyne, this is the first ever instance of the company issuing bonus shares to its shareholders.
Companies typically issue bonus shares to utilize their free reserves, boost Earnings Per Share (EPS), and expand paid-up capital while reducing reserves. These shares, often called free shares, are distributed to shareholders at no extra cost.
The investors must purchase the stock before the ex-date to qualify for bonus shares, as those buying on or after the ex-date won’t be eligible.
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